c.Termination of the sponsoring organization’s partnership with
the IRS.

d.All of the above may be considered an appropriate action
depending on thetype of violation and the sponsoring partner’s
corrective actions.

3.Is having a donation/tip jar at the quality review station
within the VITA/TCE site aviolation of the Volunteer Standards of
Conduct?

a.Yes

b.No

4.Maggie wants her tax refund quickly; however, she doesn’t have
a bank account fordirect deposit. She asks Josh, the tax
law-certified preparer, to deposit her refund

into his checking account and turn the funds over to her when
received.If Josh agrees to do this, has he violated any of the
Volunteer Standards of Conduct?

a.Yes

b.No

5.Pat is a paid tax preparer in the community; he also gives
back to the communityby serving as an IRS tax law-certified
volunteer tax preparer at a VITA/TCE site.While conducting the
interview with the taxpayer, Pat discovers the taxpayer’ssmall
business will generate a loss, making the return out of scope for
the VITA/TCE Programs.Pat explains to the taxpayer that the tax
return cannot be prepared at the VITA/TCE site, but he will offer
the taxpayer a discount at his paid tax

preparation business down the road.Has Pat violated the
Volunteer Standards ofConduct (VSC)?

a.Yes, it is a violation of the VSC for Pat to solicit business
from any taxpayer at the VITA/TCE site.

b.No, it is not a violation since the return cannot be prepared
at the site.

c.No, none of the VSC addresses soliciting business while
volunteering at the VITA/TCE site.

6.Ann, an IRS tax law-certified tax preparer, told the taxpayer
that cash income does not need to be reported because the IRS will
never know about it.Ann prepared the return without the cash
income.The designated quality reviewer simply missed this omission
and the return was printed, signed, and e-filed. Did the designated
quality reviewer violate the Volunteer Standards of Conduct?

a.Yes

b.No

7.Jan, a greeter, overheard an IRS tax law-certified volunteer,
Jim, trying to sellinsurance to a taxpayer he was helping.Jim is an
insurance agent in the commu-nity. Jan feels like Jim was pushy,
made the taxpayer uncomfortable, and violated Volunteer Standard of
Conduct #3. What should Jan do?

a.Make an announcement to the taxpayers in the waiting room to
ignore Jim if he tries to sell them insurance.

b.Tell the site coordinator what she heard, so he can
immediately remove Jim from the site and report the incident using
the external referral process by sending an email to
WI.Voltax@irs.gov.

c.Mind her own business and do nothing.

8.Explaining the intake/interview and quality review process is
important so thetaxpayer understands they are expected to:

a.Have a completed Form 13614-C, Intake/Interview & Quality
Review Sheet,prior to having the return prepared.

b.Answer the tax preparer’s additional questions during the
interview.

c.Participate in the quality review of their tax return.

d.All of the above

9.During the intake process, which of the following should the
volunteer verify that the taxpayer and spouse, if applicable, have
with them to ensure the taxpayers can be served that day?

a.Photo identification for both

b.Social Security or taxpayer identification number verification
documents for everyone listed on the return

c.All tax statement documents, including Forms W-2, 1099-R,
etc.

d.All of the above.

10.To ensure quality service and accurate return preparation,
every site is required to have a process for assigning taxpayers to
IRS tax law-certified preparers who are certified at or above the
level required to prepare their tax return.

Recent Questions in Accounting - Others

Select three public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then go to the Investor Relations section of the website. This section may be...
Posted
17 hours ago

Modern Limited. The Company Modern Limited is a family-owned and managed, department store situated in Breezyfield, a city in the North of England. The store was established some sixty years ago by the current owner’s father, who passed on the...
Posted
yesterday

Practice Problem Set 1 (Part Level Submission) The bank portion of the bank reconciliation for Sheridan Company at October 31, 2017, is as follows. SHERIDAN COMPANY Bank Reconciliation October 31, 2017 Cash balance per bank $12,527.90 Add: Deposits...
Posted
yesterday

vIf retained earnings at the end of the year were $20,000, net income for the year was $15,000, sales revenues for the year were $50,000, and dividends paid during the year were $1,000, what was the retained earnings balance at the beginning of the...
Posted
yesterday

At the time of creating 100 percent-owned corporation, tax consultant of Mr. X advised him to treat 50 % of total invested money as loan and rest as purchase of the corporate stock. Explain the tax advantage under this arrangement? Explain
Posted
2 days ago

Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset...
Posted
2 days ago

1. SFAS 133 allows the use of cash flow hedge accounting for foreign currency derivatives associated with a forecasted foreign currency transaction if some conditions are fulfilled what are they? Do you have any possible criticism onHedge of a...
Posted
3 days ago

On January 1, 2012, the first day of its fiscal year, the City of Carter received notification that a federal grant in the amount of $650,000 was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The...
Posted
4 days ago

Question 3 (5 marks) Describe your own background before you came to do your MBA at Southern Cross University. How has your earlier educational background influenced your understanding of this subject so far? When you complete ACC00724, which...
Posted
4 days ago

Pacific Telemet Ltd. manufactures a high end smart phone with dual sim cards that is popular with business executives who travel overseas frequently. Related financial data for this product for the last year is as follows: Sales 12,000 units Selling...
Posted
4 days ago

Question 1 10 Marks Calculate the below for the following taxpayers for the year ended 30 June 2018: • income tax payable (ignore the offset) • Medicare levy 1 An Australian individual aged 25 years who is a resident with a taxable income of $15,000....
Posted
4 days ago

The U.S. Court System is a complex system that includes both federal and state-level courts. The federal system includes the judicial branch of the government. This system is designed to help society interpret the U.S. Constitution and provide...
Posted
5 days ago